2012 Brings Significant Changes to Cost Basis Reporting

On January 1, mandatory cost basis reporting extended to mutual funds, exchange traded funds (ETFs), and dividend reinvestment plans (DRIPs).

This year your clients will see how the first phase of changes affects their tax preparation. Taxpayers will receive updated Form 1099-B, with cost basis information reported to the IRS on covered equities sold in 2011.

You can expect that your clients may turn to you for guidance. And you can count on our support to navigate the changes and discuss them with your clients.


 Cost Basis Reporting: Preparing for 2012

Our white paper describes the changes and recommends action steps to help you prepare your firm and your clients.

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Cost Basis Resources and Insight

Visit and bookmark this website to find a wide variety of cost basis tools, resources, and insight all in one place. For example:

Form 1099-B
Know what to expect from the new Form 1099-B with cost basis and be prepared for the changes in tax reporting. Resources include:

  • Client Toolkit
  • Revised 1099 Composite
  • eDelivery

Technology Tools
We continue to add tools that will help you make sure your clients’ data matches what Schwab reports to the IRS. Tools include:

  • Specified Lot Trading Functionality
  • Data Downloads Files
  • Quick Reference Charts and Guides

Webcasts
We also provide an on-demand archive of our cost basis webcasts.